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Branding Essentials flashcards
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1
Question
What is the AMA's definition of a brand?
Page 1
Answer
A name, term, sign, symbol, or design, or combination, intended to identify goods/services of one seller and differentiate from competitors.
2
Question
According to the industry, what key attributes does a brand possess?
Page 1
Answer
Awareness, reputation, and prominence.
3
Question
How do brands help consumers reduce search costs?
Page 1
Answer
Internally by lowering thinking effort and externally by reducing looking around.
4
Question
In what way can brands serve as symbolic devices for consumers?
Page 1
Answer
Allowing projection of self-image.
5
Question
Where does a brand ultimately reside according to branding theory?
Page 1
Answer
In the minds of consumers.
6
Question
When can marketers benefit most from branding?
Page 1
Answer
Whenever consumers face a choice situation.
7
Question
Due to the internet's rise, what role must brands play?
Page 1
Answer
Translators of trends.
8
Question
How many major players typically dominate an industry?
Page 1
Answer
Three.
9
Question
How does a brand differ from a mere product?
Page 1
Answer
It has dimensions that differentiate it from other products satisfying the same need.
10
Question
What is a product in marketing terms?
Page 1
Answer
Anything offered to a market for attention, acquisition, use, or consumption that satisfies a need or want.
11
Question
What is the core benefit level of a product?
Page 1
Answer
Fundamental need or want satisfied by consuming the product or service.
12
Question
What defines the generic product level?
Page 1
Answer
Basic version with only attributes necessary for functioning; no distinguishing features.
13
Question
What is the expected product level?
Page 1
Answer
Set of attributes and characteristics buyers expect when purchasing.
14
Question
What characterizes the augmented product level?
Page 1
Answer
Additional attributes, benefits, related services distinguishing from competitors.
15
Question
Where does most competition occur in product levels?
Page 1
Answer
At the augmented product level.
16
Question
What is the potential product level?
Page 1
Answer
All possible augmentations and transformations the product might undergo in the future.
17
Question
What are search goods in product evaluation?
Page 2
Answer
Goods like grocery produce where attributes can be evaluated by visual inspection.
18
Question
What defines experience goods?
Page 2
Answer
Goods like automobile tires where attributes require trial and experience to assess.
19
Question
What are credence goods?
Page 2
Answer
Goods like insurance where consumers rarely learn attributes even after purchase.
20
Question
In the Coke-Pepsi blind taste test, what was the outcome?
Page 2
Answer
Most people preferred Pepsi's taste over Coke's.
21
Question
Why did changing Coke's formula cause backlash despite taste test results?
Page 2
Answer
Coke's reputation as an American icon outweighed its taste.
22
Question
How important is psychological response to a brand compared to physiological response to the product?
Page 2
Answer
Equally important.
23
Question
What is functional risk in buying products?
Page 2
Answer
Product does not perform up to expectations.
24
Question
What defines physical risk for consumers?
Page 2
Answer
Threat to physical well-being or health of user or others.
25
Question
What is financial risk?
Page 2
Answer
Product not worth the price paid.
26
Question
What constitutes social risk?
Page 2
Answer
Embarrassment from others due to the product.
27
Question
What is psychological risk?
Page 2
Answer
Affects mental well-being of the user.
28
Question
What is time risk in product failure?
Page 2
Answer
Opportunity cost of finding another satisfactory product.
29
Question
What must marketers provide for effective branding?
Page 3
Answer
A label for identification and meaning for the brand.
30
Question
How does branding services signal value?
Page 3
Answer
Indicates a special, deserving service offering.